Aerospace Parts Manufacturing Market is expected to expand at the highest CAGR owing to the rapid growth of the aviation industry

 Aerospace Parts Manufacturing Industry Overview

The global aerospace parts manufacturing market size is expected to reach USD 1,233.2 billion by 2030 registering a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increasing passenger and freight traffic in emerging economies is driving the demand for next-generation aircraft, which in turn is expected to boost the market growth.

 

Aerospace Parts Manufacturing Market Segmentation

Grand View Research has segmented the global aerospace parts manufacturing market on the basis of product, end-use, and region

 

Based on the Product Insights, the market is segmented into Engines, Aerostructure, CabinInteriors, Equipment, System, and Support, Avionics, and Insulation Components.

  • The insulation components segment is expected to witness significant growth during the projected period owing to their rapid replacement rate. Rising aircraft MRO activities, owing to the expanding aircraft fleet, are predicted to fuel the demand for these components over the projected period.
  • The aerostructure segment accounted for the largest revenue share of more than 51.0% of the market for aerospace parts manufacturing 2021. Increasing usage of composites for manufacturing fuselage to reduce fatigue maintenance, in high tension loaded environment, is expected to increase the overall cost of aero-structure, thereby impacting market growth on a positive note.
  • Avionics manufacturing is expected to grow in line with aircraft manufacturing, as they are designed to increase the safety and utility of an aircraft. Actuators account for a major share of avionics manufacturing, as they are used in all the systems of an aircraft including oxygen, air, hydraulic, fuel, and water systems. In addition, actuators are used in flaps, landing gear, and weapon systems.

 

Based on the End-use Insights, the market is segmented into Commercial Aircraft, Business Aircraft, Military Aircraft, and Other Aircraft.

  • The commercial aircraft segment led the market for aerospace parts manufacturing and accounted for over 50% share of the global revenue in 2021. The segment estimated the highest demand owing to the rise in passenger and freight traffic.
  • Business aircraft are anticipated to boost productivity, as air travel requires less time compared to other modes of travel. This is expected to drive the demand for business aircraft over the forecast period, thereby benefitting the industry growth.

 

Aerospace Parts Manufacturing Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The industry has witnessed increased competition, on account of the rapid growth in the number of Asian manufacturers. The players compete on the basis of differentiation in technology, design, product performance, and compliance with the customer specifications.

Some prominent players in the global aerospace parts manufacturing market include

  • JAMCO Corp.
  • Intrex Aerospace
  • Rolls Royce plc
  • CAMAR Aircraft Parts Company
  • Safran Group
  • Woodward Hexcel
  • Engineered Propulsion System
  • Eaton Corporation plc
  • Aequs
  • GE Aviation
  • Textron, Inc.
  • Raytheon Technologies Corp.
  • MTU Aero Engines AG
  • Superior Aviation Beijing
  • Honeywell International, Inc.
  • Mitsubishi Heavy Industries, Ltd.
  • Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
  • Kawasaki Heavy Industries Ltd.
  • IHI Corp.
  • Subaru Corp.
  • Lufthansa Technik AG
  • Spirit AeroSystems, Inc.
  • Ducommun, Inc.
  • Liebherr International AG
  • Elektro-Metall Export GmbH
  • Diehl Aviation
  • Panasonic Avionics Corp.
  • Thales Group
  • Dassault Group
  • Parker Hannifin Corp.
  • Chemetall GmbH
  • Daher Group

 

Order a free sample PDF of the Aerospace Parts Manufacturing Market Intelligence Study, published by Grand View Research. 

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